This past week, AK Steel reported its financial results for the first quarter of 2018.
First Quarter 2018 Highlights
“Our first quarter 2018 operating performance benefited from a favorable pricing environment and solid demand across most end markets, including automotive,” said Roger K. Newport, Chief Executive Officer of AK Steel. “Our performance was tempered by the previously disclosed unplanned outage at our Middletown Works in January.”
“We remain optimistic about 2018, as we expect automotive and other key end use markets to remain strong. Additionally, the collaborative efforts between Precision Partners, AK Tube and our AK Steel technical and research teams are gaining traction at key automotive customers,” Newport said. “The high level of imports, particularly the ongoing surge of foreign electrical steel, remains a challenge and we will continue to work proactively with the Trump Administration to ensure fair and appropriate trade policies.”
AK Steel reported net income of $28.7 million, or $0.09 per diluted share of common stock, for the first quarter of 2018…These results were driven by higher steel selling prices and the effect of the Precision Partners acquisition, offset by higher costs as a result of the Middletown Works unplanned outage, and increased costs for raw materials.
The company anticipates that market conditions will strengthen in the second quarter compared to the first quarter. Shipments of carbon and stainless steels, as well as tubular and stamping products, are expected to benefit from continued strength in the automotive market. In addition, the company anticipates increased shipments into both the distributor and converter, and the infrastructure and manufacturing markets.
AK Steel’s Mansfield Works’ stainless steel melting, casting, hot and cold rolling, and finishing operations are housed in more than 1.6 million square feet of manufacturing space. Mansfield’s facility features a thin slab caster that uses an advanced technology production system to meet exact customer specifications.
Source: Globe Newswire, AKSteel.com